Relevance and Utility of Cost and Management Accounting in the Present Socio-Economic Scenario

Abstract

Management accounting now plays bigger roles in organizations. Management accountant not only play the role of internal analyst and consultant, but participate in top level decision making. No management can succeed unless it is very cost conscious. As Cost Accountants, you have a wide field. Cost Accountancy is not audit as such, nor is it ordinary accountancy that is looking into what money is spent and how it is spent. The job of the Cost Accountant is to see from the very beginning how the enterprise has been planned. Cost Accountants should be associated with and should have a full share in the planning of enterprises from the very beginning - Shri Morarji Desai, former Prime Minister of India.